Finance History | Nasdaq MarketSite — Twenty Dollars for a Greenwich Reinsurance Book Called ACGL
· 1995-9
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Finance History | Nasdaq MarketSite — Twenty Dollars for a Greenwich Reinsurance Book Called ACGL
kevin
People treat Arch Capital as a Bermuda specialty insurer that always printed ACGL on a mature Nasdaq book.
The first public print was a Connecticut holding company with a different name.
Risk Capital Holdings, Inc. was incorporated in March 1995. Its 1999 Form 10-K records that in September 1995 the company completed an initial public offering of 9,775,000 common shares together with concurrent direct sales of 6,975,625 shares and warrants.
Net proceeds of the offerings, after underwriting expenses, were about 335.0 million dollars in 1995 currency. Of that, 328.0 million dollars went into the capital of Risk Capital Reinsurance.
A later 10-K states the initial public offering price on 13 September 1995 as 20.00 dollars a share.
The Royal Gazette recorded that Bermuda-based Exel planned to buy 3.5 million of the 12 million shares offered at 20 dollars each, about 70 million dollars in 1995 currency.
The New York Times had already noted in August 1995 that the issuer cut the sale from 14 million shares to 12 million after delays.
The letters later changed. After a 2000 sale of the old reinsurance book to Folksamerica and a November 2000 move of legal domicile to Bermuda, the listed name became Arch Capital Group Ltd., still on Nasdaq as ACGL.
The mechanism is a 1995 reinsurance start-up that raised surplus in public and private slices at the same 20-dollar print, then rebuilt under a Bermuda holding company after the first book was sold.
ACGL is not a 2001 first listing. It is the same public share that began as Risk Capital Holdings.
Nasdaq MarketSite at 4 Times Square is the public facade of that market. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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